1. The Leuven Plastics Company reports gross accounts receivable of $74,000 and an allowance of $4,400 on January 1, 2017. During the year ended December 31, 2017, they report the following activity: Sales on account total $395,000. Collections from sales on account total $362,000. They write off accounts totaling $17,000. Additionally, they use the percentage of sales on account method to calculate bad debt expense, and apply a rate of 5%. For the year ended December 31, 2017, calculate: a. Bad debt expense b. Allowance balance c. Net accounts receivable. d. Accounts receivable turnover ratio 2. Blasko, Inc. reports inventory using LIFO. As of April 1, 2018, they report the following inventory lots (under LIFO and FIFO): LIFO Date Units Cost/Unit 1/21/2016 1,500 80 3/15/2017 1,200 72 3/26/2017 800 71.5 FIFO Date Units Cost/Unit 3/15/2017 700 72 3/26/2017 1,400 71.5 3/28/2017 1,400 70.5 Blasko reports the following activity during the month ended April 3, 2018: . On April 1, they purchase 1,100 units of inventory for $70 per unit. On April 14, they sell 2,400 units of inventory for $75 per unit. On April 27, they sell 600 units for $72 per unit. a. Calculate the LIFO reserve for Blasko as of April 1, 2018. b. Calculate the cost of goods sold under i) LIFO and ii) FIFO for the month ended April 30, 2018. c. Calculate the LIFO reserve for Blasko as of April 30, 2018. d. LIFO typically leads to higher cost of goods sold and lower inventory values. Is that the case here? If it is not, please explain why. 3. On June 1, 2019, the Berkman Co. has 100 units of inventory. The cost per unit is $300. Berkman uses the average cost inventory method. During June, 2019, Berkman reports the following activities: . On June 9, Berkman sells 50 units of inventory for $440. These sales are with credit cards; the average fee is 2.5%. On June 14, Berkman purchases 100 units of inventory on account. The cost per unit is $320, and they must pay an additional $5 per unit for transaction fees and a total of $1,100 for shipping. On June 17, Berkman sells 40 units of inventory for $450 per unit. This sale is on account with terms "3/15, n/45". On June 24, a customer returns two (2) units original sold on June 9. Berkman gives the customer store credit. On June 29, Berkman collects on the June 17 sale. For the month ended June 30, 2019: a. Calculate net sales b. Calculate cost of goods sold c. Calculate the inventory turnover ratio